By Dmitriy Gurkovskiy, Chief Analysis at RoboForex
XRP is recovering Friday after the Thursday’s plunge, trading at around $0.2996.
On H4, the downtrend reached the long term support, with the price ready to go further down after the test. Currently, the downside momentum has increased, and the XRP is trying to break out the current channel support, which could then allow it to reach the projection support at $0.2460. The major resistance lies at $0.3100.
On H1, the downside momentum is fading out, but still, the price is ready to make a lower low, plunging to $0.2670. The Stochastic converging signals a near pullback that could send the price up to $2.900.
Ripple’s financial report says the company sold tokens at $169M across Q1 2019, which is +31% compared to the same period in 2018. The overall XRP turnover, meanwhile, plunged by 2%, staying at $55.85B.
As for the tokens sold through intermediaries, the sales was boosted from $88.88M to $107.49 over Q1. Direct sales jumped from $40.15M to $61.90M. Over Q1, the company released XRP 3B from its escrow wallets, with 2.30B returned, and the rest 700M used for ecosystem maintenance. Overall, the report is quite positive, showing Ripple Labs is sustainable and busy optimizing its ecosystem.
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.